Treasury Details New Instant EV Tax Credit for Car Buyers Up to $7,500

Treasury released guidance on how car dealers can provide instant federal EV tax credits up to $7,500 at point of sale starting 2024.

Aim is to boost EV sales to meet Biden's goal of 50% of new car sales being EVs by 2030.

Buyers must attest income eligibility, can get cash or apply credit to purchase. Must repay if exceed income limit.

Dealers worried about providing cash upfront without quick IRS repayment, citing issues with 2009 Cash for Clunkers program.

Treasury says it will refund dealers within 72 hours of EV sale through new IRS website Energy Credits Online.